DISCONTINUED OPERATIONS (Tables)
|
12 Months Ended |
Jun. 30, 2016 |
|---|
| Discontinued Operations and Disposal Groups [Abstract] |
|
| Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] |
The following table summarizes Net earnings/(loss) from discontinued operations and reconciles to the Consolidated Statements of Earnings: | | | | | | | | | | | | | Years ended June 30 | 2016 | | 2015 | | 2014 | Beauty Brands | $ | 336 |
| | $ | 643 |
| | $ | 660 |
| Batteries | 241 |
| | (1,835 | ) | | 389 |
| Pet Care | — |
| | 49 |
| | 78 |
| Net earnings/(loss) from discontinued operations | $ | 577 |
| | $ | (1,143 | ) | | $ | 1,127 |
|
The following table summarizes total assets and liabilities held for sale and reconciles to the Consolidated Balance Sheets: | | | | | | | | | | | | | | | | | Years ended June 30 | 2016 | | 2015 | | Beauty Brands | | Beauty Brands | | Batteries | | Total | Current assets held for sale | $ | 7,185 |
| | $ | 922 |
| | $ | 3,510 |
| | $ | 4,432 |
| Noncurrent assets held for sale | — |
| | 5,204 |
| | — |
| | 5,204 |
| Total assets held for sale | $ | 7,185 |
| | $ | 6,126 |
| | $ | 3,510 |
| | $ | 9,636 |
| | | | | | | | | Current liabilities held for sale | $ | 2,343 |
| | $ | 356 |
| | $ | 1,187 |
| | $ | 1,543 |
| Noncurrent liabilities held for sale | — |
| | 717 |
| | — |
| | 717 |
| Total liabilities held for sale | $ | 2,343 |
| | $ | 1,073 |
| | $ | 1,187 |
| | $ | 2,260 |
|
|
| Discontinued Operations and Disposal Groups - Beauty Brands [Table Text Block] |
The following is selected financial information included in Net earnings/(loss) from discontinued operations for the Beauty Brands: | | | | | | | | | | | | | | Beauty Brands | Years ended June 30 | 2016 | | 2015 | | 2014 | Net sales | $ | 4,910 |
| | $ | 5,530 |
| | $ | 6,109 |
| Cost of products sold | 1,621 |
| | 1,820 |
| | 1,980 |
| Selling, general and administrative expense | 2,763 |
| | 2,969 |
| | 3,299 |
| Intangible asset impairment charges | 48 |
| | — |
| | — |
| Interest expense | 32 |
| | — |
| | 1 |
| Interest income | 2 |
| | 2 |
| | 2 |
| Other non-operating income/(loss), net | 9 |
| | 91 |
| | (3 | ) | Earnings from discontinued operations before income taxes | $ | 457 |
| | $ | 834 |
| | $ | 828 |
| Income taxes on discontinued operations | 121 |
| | 191 |
| | 168 |
| Net earnings/(loss) from discontinued operations | $ | 336 |
| | $ | 643 |
| | $ | 660 |
|
Included in Net earnings/(loss) from discontinued operations is $112 of transition costs that were incurred for the fiscal year ended June 30, 2016. The following is selected financial information included in cash flows from discontinued operations for the Beauty Brands: | | | | | | | | | | | | | | Beauty Brands | Years ended June 30 | 2016 | | 2015 | | 2014 | NON-CASH OPERATING ITEMS | | | | | | Depreciation and amortization | $ | 106 |
| | $ | 125 |
| | $ | 127 |
| Gain on sale of businesses | 8 |
| | 86 |
| | — |
| Goodwill and intangible asset impairment charges | 48 |
| | — |
| | — |
| CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | Capital expenditures | $ | 114 |
| | $ | 106 |
| | $ | 108 |
|
The major components of assets and liabilities of the Beauty Brands held for sale are provided below. The assets and liabilities held for sale will evolve up to the closing date for normal operational changes as well as contractual adjustments including the assumption of debt, pension plan funding and other provisions. | | | | | | | | | | | Beauty Brands | Years ended June 30 | 2016 (1) | | 2015 | Cash | $ | 40 |
| | $ | 9 |
| | Restricted cash | 996 |
| (2) | — |
| | Accounts receivable | 384 |
| | 293 |
| | Inventories | 494 |
| | 476 |
| | Prepaid expenses and other current assets | 126 |
| | 144 |
| | Property, plant and equipment, net | 629 |
| | 613 |
| (3) | Goodwill and intangible assets, net | 4,411 |
| | 4,513 |
| (3) | Other noncurrent assets | 105 |
| | 78 |
| (3) | Total current assets held for sale | $ | 7,185 |
| | $ | 922 |
| | Total noncurrent assets held for sale | — |
| | 5,204 |
| | Total assets held for sale | $ | 7,185 |
| | $ | 6,126 |
| | |
| |
| | Accounts payable | $ | 148 |
| | $ | 118 |
| | Accrued and other liabilities | 384 |
| | 238 |
| | Noncurrent deferred tax liabilities | 370 |
| | 352 |
| (3) | Long-term debt | 996 |
| (2) | — |
| | Other noncurrent liabilities | 445 |
| | 365 |
| (3) | Total current liabilities held for sale | $ | 2,343 |
| | $ | 356 |
| | Total noncurrent liabilities held for sale | — |
| | 717 |
| | Total liabilities held for sale | $ | 2,343 |
| | $ | 1,073 |
| |
| | (1) | The Company expects the Beauty Brands transaction to close in October 2016. Therefore, for the period ended June 30, 2016, all assets and liabilities held for sale are reported as current assets and liabilities held for sale on the Consolidated Balance Sheets. |
| | (2) | On January 26, 2016, Beauty Brands drew on its Term B loan of $1.0 billion. The proceeds will be held in restricted cash in escrow until the anticipated legal integration activities prior to close. Beauty Brands has received additional debt funding commitments with a consortium of lenders of $3.5 billion. |
| | (3) | Amounts as of June 30, 2015, are reflected as part of the noncurrent assets and liabilities held for sale. |
|
| Disposal Groups, Including Discontinued Operations - Batteries and Pet Care [Table Text Block] |
Following is selected financial information included in Net earnings/(loss) from discontinued operations for the Batteries and Pet Care businesses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net Sales | | Earnings Before Impairment Charges and Income Taxes | | Impairment Charges | | Income Tax (Expense)/Benefit | | Gain/(Loss) on Sale Before Income Taxes | | Income Tax (Expense)/Benefit on Sale | | Net Earnings/(Loss) from Discontinued Operations | Batteries | 2016 | $ | 1,517 |
| | $ | 266 |
| | $ | (402 | ) | | $ | (45 | ) | | $ | (288 | ) | | $ | 710 |
| (1) | $ | 241 |
| | 2015 | 2,226 |
| | 479 |
| | (2,174 | ) | | (140 | ) | | — |
| | — |
| | (1,835 | ) | | 2014 | 2,552 |
| | 548 |
| | — |
| | (159 | ) | | — |
| | — |
| | 389 |
| Pet Care | 2016 | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 2015 | 251 |
| | — |
| | — |
| | (4 | ) | | 195 |
| | (142 | ) | | 49 |
| | 2014 | 1,475 |
| | 130 |
| | — |
| | (52 | ) | | — |
| | — |
| | 78 |
| Total | 2016 | $ | 1,517 |
| | $ | 266 |
| | $ | (402 | ) | | $ | (45 | ) | | $ | (288 | ) | | $ | 710 |
| (1) | $ | 241 |
| | 2015 | 2,477 |
| | 479 |
| | (2,174 | ) | | (144 | ) | | 195 |
| | (142 | ) | | (1,786 | ) | | 2014 | 4,027 |
| | 678 |
| | — |
| | (211 | ) | | — |
| | — |
| | 467 |
|
| | (1) | The income tax benefit of the Batteries divestiture primarily represents the reversal of underlying deferred tax balances. |
The major components of assets and liabilities of the Batteries business held for sale were as follows: | | | | | | Batteries | Year ended June 30 | 2015 | Cash | $ | 25 |
| Accounts receivable | 245 |
| Inventories | 304 |
| Prepaid expenses and other current assets | 28 |
| Property, plant and equipment, net | 496 |
| Goodwill and intangible assets, net | 2,389 |
| Other noncurrent assets | 23 |
| Total assets held for sale | $ | 3,510 |
| | | Accounts payable | $ | 195 |
| Accrued and other liabilities | 194 |
| Long-term debt | 18 |
| Noncurrent deferred tax liabilities | 780 |
| Total liabilities held for sale | $ | 1,187 |
|
|